What are fiat on-ramps and off-ramps?
Bitcoin was officially launched on January 3, 2009, by the mysterious Satoshi Nakamoto. In the beginning, Bitcoin was only of interest to a community of people passionate about cryptography. Gradually we started seeing more innovators and a range of Web3 solutions getting developed today.
During the early days, one could own bitcoin either through mining or peer-to-peer offline settlements.
In 2017 we saw the first wave of retail investors flocking onto the crypto economy which powered the 2017 bull run.
However, the barrier to entry was quite high, and buying cryptocurrency was very challenging. This is where "on-ramps" and "off-ramps," play an increasingly significant role in the mass adoption of crypto and fintech making it seamless for mass retail users to buy/sell crypto with fiat on any platform.
So what is fiat to crypto on-ramp?
On-ramp is a service that allows the users to buy cryptocurrency, NFT, or any other Web3 services either on an exchange, wallet, app, DAO, or website in exchange for fiat. Since fiat exchanging is the most accessible method to access crypto fiat-on-ramps integrate with local payments and card processors providing the simplest onboarding experience for users. In a way, onramps are your gateway to the world of crypto. Pay with fiat currency and get your cryptocurrency in return almost instantly.
In addition, fiat on-ramps like Transak protect the system from bad actors by enabling KYC( Know your customers) solutions and creating risk management systems that help to keep the system clean.
What is off-ramp?
Off-ramp is the opposite of on-ramp where users can sell the crypto asset and receive fiat in their bank account. This allows users to off-board or liquidates their assets whenever they want. Again here off-ramp solutions make sure that it follows the local compliance process and ensures that its partners are compliant in regions that they want to operate in.
We at Transak are working hard every day to help companies across the globe on board the next billion customers onto the crypto economy. We want to make it easy and compliant.
Transak provides developer tools to make decentralized applications available to mainstream users. The Transak fiat on-ramp is used by Metamask, Trustwallet, Decentraland, Zed Run, and over 100+ applications to onboard their users from fiat to crypto.
Connect with us
- You can buy/sell crypto at http://global.transak.com/
- Integrate Transak into your application. We are partnering on a daily basis with the most ambitious projects in crypto. Get in touch with us at [email protected] or sign up at https://dashboard.transak.com/
- Join us on Discord, Telegram, or Twitter
- We’re hiring! Find out more at http://careers.transak.com/